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News with a focus on real estate, finance and the marketplace.

More families likely to choose condo living if available: report

More families likely to choose condo living if available: report

Whatever their personal preference might be, in the end people have to live where they can afford to live. Asked where they would choose to live if money were no object—in this instance that meant having a budget of $750,000—about half of respondents to a Fortress Real Developments poll picked a single-family home in the…

More purpose-built rental units needed to avoid affordability crisis in Toronto: economist

More purpose-built rental units needed to avoid affordability crisis in Toronto: economist

Toronto’s housing market is not a normally functioning market. Legislation-driven land constraints suggest that we are in a classic case of market failure. The invisible hand, that enigmatic force mentioned by enlightenment economist Adam Smith, whereby self-interest is somehow transformed into public good, will not work in Toronto. These are the arresting opening thoughts in…

Supply or demand problem? Foreign buyers tax or not? No unanimity in Toronto's housing price debate

Supply or demand problem? Foreign buyers tax or not? No unanimity in Toronto's housing price debate

After years of rapidly rising Toronto home prices and endless debates among real estate and building industry stakeholders about the causes thereof, the mayor has asked for a report on the subject and plans to call together a panel of experts for advice about what to do. One possible action could be to impose a…

Single family home starts up in Toronto, condos down in February: CMHC

Single family home starts up in Toronto, condos down in February: CMHC

One can’t read too much into one or two months’ activity, but perhaps there is hope on the horizon for Toronto buyers looking for those scarce single detached homes. Builders of this type of home had a busy February in Toronto, and in Ontario generally, according to the latest statistics from Canada Mortgage and Housing…

Banks, mortgage professionals urge government to hold off on further changes to lending

Banks, mortgage professionals urge government to hold off on further changes to lending

The government of Canada’s role in housing is clear: it’s to promote housing affordability and choice, to facilitate access to financing for home buyers, and to keep the housing sector strong. This is all laid out in the National Housing Act. In support of these objectives, the government extends low-cost funding to mortgage lenders. At…

Calls for government action to balance homes market as prices, sales soar in February

Calls for government action to balance homes market as prices, sales soar in February

The president of the Toronto Real Estate Board has once again called on all three levels of government to turn their attention to the supply of homes for sale in the Toronto area in order to bring the market back into balance and moderate price growth. Larry Cerqua wants governments to revisit existing land-use designations…

New advice for homebuyers from CMHC in revised step-by-step guide

New advice for homebuyers from CMHC in revised step-by-step guide

For anyone planning to enter today’s real estate market, any sound advice on how to proceed and what to expect should be helpful. There’s a lot to learn, and for those who have never bought a home before, it can be a little confusing, not to say intimidating. According to the Real Estate Council of…

Ontario Real Estate Association facing serious challenges

Ontario Real Estate Association facing serious challenges

The association that represents realtors at the provincial level in Ontario appears to be facing an existential moment of truth. For decades, the Ontario Real Estate Association (OREA) Real Estate College has been authorised by the Real Estate Council of Ontario (RECO) to provide realtor education in the province, but that could be ending. RECO…

Gap widens between low-rise, high-rise home prices, availability

Gap widens between low-rise, high-rise home prices, availability

The gap between the average cost of newly built low-rise and high-rise homes in the GTA got wider again in January. A new single-detached home now costs twice as much as a stacked townhouse or condominium: $1,026,395 to $507,551. The single-detached price is up 25 per cent compared to a year ago; the condo price…

Healthy or hot, experts differ on where Toronto's housing market is headed

Healthy or hot, experts differ on where Toronto's housing market is headed

Rising housing prices in Toronto and the surrounding area bring out a wide range of opinions and explanations from observers such as bankers, ratings agencies, politicians and urban planners. Everyone agrees that home prices have gone up rapidly, but that is about all they agree on. An economist at BMO says the city is in…

Slight dip in national home sales in January, supply critically short in Toronto

Slight dip in national home sales in January, supply critically short in Toronto

Home sales across the country were down slightly in January compared to December, reports the Canadian Real Estate Association, dropping by 1.3 per cent. Actual sales, however, were up compared to a year ago in most markets, including the GTA. There was a significant decline in new listings, with 6.7 per cent fewer homes available…

Toronto realtors warn against foreign tax, forecast another hot year in market

Toronto realtors warn against foreign tax, forecast another hot year in market

Expect another very strong year in the Toronto housing market. The Toronto Real Estate Board forecasts that home sales will once again come in at around 110,000 in 2017, just shy of the 113,133 sales reported for 2016. The forecast is based in part on an Ipsos poll of buyers’ intentions conducted late last year….

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

2016 another record year for housing, land sales, though inventory near "crisis" levels

2016 another record year for housing, land sales, though inventory near "crisis" levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

2016 another record year for housing, land sales, though inventory near “crisis” levels

2016 another record year for housing, land sales, though inventory near “crisis” levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

Tighter conditions in Toronto condo market for buyers and renters: TREB

Tighter conditions in Toronto condo market for buyers and renters: TREB

Home buyers, particularly first-time buyers, continue to face challenging conditions in Toronto. The assumption that newcomers to the city, downsizers, and first-time buyers will find the home they are looking for in Toronto’s thriving condominium market is being put to the test as never before. The latest numbers from the Toronto Real Estate Board show…

Toronto spillover effect drives housing prices in surrounding cities: CMHC

Toronto spillover effect drives housing prices in surrounding cities: CMHC

All relationships have their ups and downs. For the past thirty-five years, Toronto’s relationship with surrounding municipalities has shown a certain level of consistency, but there have been blips that would strain any relationship, notably the recession of 2008. According to Canada Mortgage and Housing Corporation, for the relationship in question concerns housing markets, Toronto’s…

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